OwnBank, the newest mobile banking app in the country, teams up with Mastercard enabling customers to access a wider array of digital financing solutions with Mastercard’s technology for secure, efficient, and convenient online transactions.
The strategic partnership aims to foster financial inclusion and is poised to introduce new and sophisticated solutions that empower individuals and businesses across the country.
Despite cash being the primary payment method for Filipinos, authorities are urging an increased adoption of banking and debit cards, especially among the unbanked, to enhance financial inclusion.
The country has witnessed a surge in digital-only banks and a preference for electronic payments, driving growth in card payments.
According to a GlobalData study, the country’s cards and payments market was valued at over $45 billion last year, with an expected CAGR surpassing 7 percent from 2023 to 2027.
OwnBank and Mastercard join forces to create a seamless banking experience for Filipinos offering free debit card, contactless payment and enhanced security, unified card and account number, and personalized payment experience.
Combining OwnBank’s commitment to financial inclusion and Mastercard’s global payment expertise, the collaboration offers Filipinos expanded digital payment options, global transaction acceptance, enhanced security measures, integrated app features, and more.
